SBI today reported 23 per cent jump in standalone net profit at Rs 3,742.02 crore in the fourth quarter ended
March 2015 on improvement in its asset quality. State Bank of India 's March quarter
earnings have beaten estimates with net profit rising 23.1 percent to Rs 3742
crore from Rs 3040.7 crore in corresponding quarter last quarter. Net interest
income (NII), during the quarter rose 14 percent to Rs 14,712 crore compared to
Rs 12,903 crore year-on-year (Y-o-Y).
The country's largest bank had made a net profit of Rs 3,040.74 crore during the same quarter a year ago.Total income of the bank also increased to Rs 48,616.41 crore in the last quarter of FY15, from Rs 42,443.27 crore in the same quarter a year ago, State Bank of India (SBI) said in a filing to the BSE.
The country's largest bank had made a net profit of Rs 3,040.74 crore during the same quarter a year ago.Total income of the bank also increased to Rs 48,616.41 crore in the last quarter of FY15, from Rs 42,443.27 crore in the same quarter a year ago, State Bank of India (SBI) said in a filing to the BSE.
Though asset
quality has seen big improvement it was aided by sale of loans to Asset
Reconstruction Companies (ARCS). Sale of loans to ARCs increased to Rs
4510 crore against no amount in last quarter. Write offs was at Rs 4874
crore versus Rs 5096 crore while recoveries stood at Rs 4485 crore. Home loans increased from Rs 1,40,738 crore in
March’14 to Rs 1,59,237 crore in March’15 (13.14 percent).
During January-March quarter of 2014-15, the bank's asset quality improved as net non-performing assets (NPAs) or bad loans were trimmed to 2.12 per cent of net advances as against 2.57 per cent at the end of previous fiscal.
At the same time, gross NPAs also came down to 4.25 per cent of gross advances, from 4.95 per cent at the end of March 2014.During the quarter, total provisioning and contingencies of the bank were high at Rs 6,592.91 crore from Rs 5,891.12 crore a year ago.
For the entire fiscal ended March 2015, SBI's net profit increased 20 per cent to Rs 13,101.57 crore as compared to Rs 10,891.17 crore for the year ended March 2014.Total income on a standalone basis increased to Rs 1,74,972.96 crore from Rs 1,54,903.72 crore for the year ended March 2014.
The bank has recommended a
dividend of 350 per cent or Rs 3.50 per share for the year ended March 2015.During January-March quarter of 2014-15, the bank's asset quality improved as net non-performing assets (NPAs) or bad loans were trimmed to 2.12 per cent of net advances as against 2.57 per cent at the end of previous fiscal.
At the same time, gross NPAs also came down to 4.25 per cent of gross advances, from 4.95 per cent at the end of March 2014.During the quarter, total provisioning and contingencies of the bank were high at Rs 6,592.91 crore from Rs 5,891.12 crore a year ago.
For the entire fiscal ended March 2015, SBI's net profit increased 20 per cent to Rs 13,101.57 crore as compared to Rs 10,891.17 crore for the year ended March 2014.Total income on a standalone basis increased to Rs 1,74,972.96 crore from Rs 1,54,903.72 crore for the year ended March 2014.
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